Taiwan's key stock index rose, led by Taiwan Semiconductor Manufacturing Co (TSMC,
Lenders such as First Commercial Bank (
The TWSE Index rose 12.37, or 0.3 percent, to 4562.73. Five stocks rose for every four that fell. The total value of trade today was NT$39.84 billion (US$1.15 billion), compared to NT$44.74 billion yesterday.
While further interest rate cuts are likely, earnings may not recover because of depressed global economic activity, said Han Ong, head of Asia-Pacific strategy at Salomon Smith Barney Hong Kong Ltd.
On Friday, the government said it expects the economy to shrink 0.4 percent this year from last year. The central bank cut its key rediscount rate, charged to commercial lenders for 10-day loans, to 3.25 percent from 3.5 percent.
``I continue to suggest to clients to take a very cautious stance,'' Ong said.
TSMC rose 50 cents, or 0.8 percent, to NT$66.50. The biggest made-to-order chipmaker's current capacity is at about 40 percent and will rise throughout the rest of the year, Deputy Chief Executive Tseng Fan-cheng (
Banks fell after the Bureau of Monetary Affairs said 6.6 percent of the outstanding credits of domestic banks and investment trust companies were non-performing at the end of June.
That's up from 6 percent at the end of the first quarter. The figures didn't include foreign banks.
First Commercial Bank, the biggest listed lender in terms of assets, fell 10 cents, or 0.6 percent, to NT$16.50. Hua Nan Commercial Bank (
Transport shares fell 1 percent, bringing their two-day decline to 4.3 percent. The TWSE Transport Index gained 21 percent last week on hopes official direct transport links would soon eventuate between Taiwan and China after Taiwan President Chen Shui-bian (
Eva Airways Corp (
China Airlines Co (
Hon Hai Precision Industry Ltd (
Meidatek Inc (
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source